PIA Press Release2006/10/05

Despite airport issue, Germans are upbeat on Philippines

Quezon City (5 October) -- THE Philippines remains an attractive investment site for German businessmen despite the controversy surrounding the unfinished Terminal 3 of the Ninoy Aquino International Airport (NAIA-3), German Ambassador Axel Weishaupt said.

The business process outsourcing (BPO) and manufacturing industries are drawing the most interest from investors, Weishaupt said in an interview.

While he acknowledged that the NAIA-3 issue had “saddened” the business community in general, he said German businesses were still very much interested in the Philippines, especially in the light of the $60-million partial compensation to Philippine International Air Terminals Co. (PIATCo), the project contractor which was 30-percent owned by Germany’s Fraport AG.

Among the biggest German companies in the Philippines are Siemens and Teletek.

The electronics and medical equipment manufacturing sectors are also drawing strong interest from German investors, and the tourism industry benefits from German travelers, Weishaupt said.

He said thousands of German businessmen and professionals visit the Philippines every year for business or leisure. (PIA) [top]